AG2R LA Mondiale Gestion D Actifs Invests $1.17 Million in State Street Corporation $STT

Key Points

• AG2R LA Mondiale Gestion D Actifs invested approximately $1.17 million in State Street Corporation by acquiring 12,192 shares in the first quarter of the year.
• State Street recently increased its quarterly dividend from $0.76 to $0.84 per share, with a yield of 3.0%, payable on October 14th.
• Analysts have set a new average price target of $114.18 for State Street stock, with most ratings being "Buy" or "Moderate Buy."

AG2R LA Mondiale Gestion D Actifs purchased a new position in State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 12,192 shares of the asset manager's stock, valued at approximately $1,174,000.

Other institutional investors also recently made changes to their positions in the company. First Pacific Financial bought a new stake in State Street during the first quarter worth approximately $25,000. Capital Analysts LLC grew its holdings in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after acquiring an additional 118 shares during the last quarter. Golden State Wealth Management LLC grew its holdings in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after acquiring an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. grew its holdings in shares of State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after acquiring an additional 251 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

STT has been the topic of a number of recent research reports. Bank of America lifted their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Wells Fargo & Company upped their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Evercore ISI upped their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley upped their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $114.18.

State Street Stock Down 0.5%

STT stock opened at $112.40 on Friday. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market cap of $31.89 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.10 and a beta of 1.50. The company has a 50 day moving average of $111.35 and a two-hundred day moving average of $98.99.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm earned $2.15 EPS. The company's revenue was up 2.9% compared to the same quarter last year. On average, equities analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is 37.63%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.29% of the company's stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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